India has witnessed a remarkable shift towards cashless transactions, with digital payments more than doubling between 2021 and 2024, according to the latest report from the Reserve Bank of India (RBI). The surge is attributed primarily to the widespread adoption of the Unified Payments Interface (UPI), which has become particularly popular for small-value transactions due to its user-friendly and efficient interface.
The report also highlights a significant reduction in cash transactions during this period, reflecting the growing acceptance of digital financial services. The increase in smartphone usage, enhanced internet connectivity, and government efforts to promote digital inclusion have all contributed to this transformation, positioning UPI as a key driver of the fintech revolution in India.
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